It costs 5X less to retain a customer than it does to acquire a new one.
That’s why customer retention is crucial to growing your Ecommerce business.
What is customer retention?
Customer retention is the ability to encourage customers to keep coming back to make purchases. Research shows that repeat customers spend more than once-off customers, making retention a priority for any Ecommerce business that wants to grow. With research showing that retail Ecommerce sales are set to be more than $548 billion by 2024, you’ll want your customer retention strategy to be solid enough to get you a piece of that pie.
This post will dive into the strategies you can use to boost your customer retention rates. We’ll also look at foundational principles like attracting and converting customers. So, let’s get to it, shall we?
5 Customer Retention Strategies and Corresponding Tools for Ecommerce Companies
Many businesses make the mistake of investing heavily in customer attraction. Sure, if you don’t attract new customers, …